August futures on the London ICE Futures exchange rose to $0.32.
Despite the few members who failed to being production down as low as promised, OPEC’s overall May production was the lowest that it’s been since 2002.
Previously, it was scheduled for June 9-10.
It was previously planned to hold it on June 9-10
Businesses have suffered competition from newer refineries in China and South Korea.
Coronavirus has affected the decline in demand in the country.
Over the past week, world oil quotations have experienced serious volatility.
After trading on September 16, the futures of benchmark oil, Brent and WTI increased by 12.4% and 14.7% respectively
U.S. petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018.